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Taro Pharma net dips by 87% to US$ 18 million in Q3

Our Bureau, Mumbai
Thursday, February 8, 2018, 16:40 Hrs  [IST]

Taro Pharmaceutical Industries has suffered major setback during the third quarter ended December 2017 and its net profit declined sharply by 87.1 per cent to $18 million from $139.8 million in the similar period of last year. Its net sales also declined by 29.5 per cent to $155.5 million from $220.4 million due to stiff competition and challenging pricing environment in US. With fall in profits, EPS declined to $0.45 from $3.42 in the last period. Its R&D expenditure declined to $17.5 million from $18 million.

For the nine months period ended December 2017, Taro's net sales declined by 28.7 per cent to $486.7 million from $683 million in the same period of last year. Its net profit declined by 66.6 per cent to $124.9 million from $373.4 million. EPS declined sharply to $3.10 from $9 in the last period. R&D expenditure remained almost same at $50 million.

Uday Baldota, CEO, said, “As is well known, and we have continuously stated, the generic industry continues to experience a very difficult pricing environment and competitive pressures, which is reflected in our financial performance. Nevertheless, we continue to invest in our R&D pipeline and develop other initiatives that should continue to keep us well positioned in the market.”

The company has recently received approvals from US FDA for four ANDAs viz., clindamycin phosphate and benzoyl peroxide gel, butenafine hydrochloride cream, fexofenadine hydrochloride oral suspension, and adapalene and benzoyl peroxide gel. It has a total of 30 ANDA awaiting FDA approval, including six tentative approvals.

During the current fiscal year, through January 31, 2018, it has repurchased 6.71 lakh shares at an average price of $104.36.

 

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